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China Bank Outlines Global Plans

ICBC, Making First Foray Into U.S. Retail Banking, Will Keep Focus on Expansion in Emerging Markets, Chairman Says

By

Jon Hilsenrath and

Rebecca Blumenstein

Updated Jan. 28, 2011 12:01 a.m. ET

DAVOS, Switzerland—Industrial and Commercial Bank of China Ltd. will proceed cautiously in its drive into U.S. retail banking as it expands globally, Jiang Jianqing, chairman of China's largest commercial bank, said in an interview with The Wall Street Journal.

"In the foreseeable future, our focus will be mainly on emerging markets, which have good prospects for growth. For the American market, we are walking in a very careful way," Mr. Jiang said on the sidelines of World Economic Forum meeting here.